Global Equities Report

Global Equities: The U.S. Market

Equity Markets Consolidate Near Record Highs Amid Mixed Performance

U.S. equities delivered a mixed performance as markets consolidated following recent record highs. The Nasdaq Composite led gains, rising 1.50%, supported by continued strength in technology stocks, while the S&P 500 posted a modest 0.55% increase, holding above the 7,100 level reached earlier in the rally. In contrast, the Dow Jones Industrial Average declined 0.44%, reflecting weakness in more cyclical components, while the MSCI World Index edged lower by 0.38%.

Economic Data and Policy Developments Highlight Underlying Resilience

Macroeconomic indicators released during the week reinforced the resilience of the U.S. economy. March retail sales rose by 0.6%, pointing to sustained consumer strength underpinned by a solid labour market. At the same time, policy developments remained in focus, with markets closely monitoring the Senate confirmation hearing of Kevin Warsh, nominee for Federal Reserve Chair, for

signals on the future trajectory of interest rates.

Sector Performance Reflects Continued Leadership from Technology and Energy

Sector performance during the week highlighted a continued rotation toward growth and select cyclical sectors. Technology (+3.09%) and Energy (+3.21%) led gains, supported by strong earnings momentum and commodity price stability, respectively. Defensive sectors also posted modest gains.

Meanwhile, laggards included Healthcare (-3.09%), Financials (-1.88%), and Real Estate (-1.48%), indicating some pressure on rate-sensitive and defensive segments.